Chairman of the ITC Board: 90% of shareholders support Deveshwar extension

Yogesh Chander Deveshwar, president of the ITC's annual general meeting, in Calcutta on Friday, July 27, 2018. (PTI Photo / Swapan Mahapatra)

ITC shareholders approved the new appointment of its non-executive chairman YC Deveshwar for another two years until February 2022 Nearly 90% of the shareholders who voted supported the resolution.

The firm sought the approval of the shareholders to rename Deveshwar, 71, for two years, from February 3, 2022 to February 5, 2020, given his growing size and complexity. Mr. Deveshwar, who had lost his executive role from February 2017, having been at the helm of the company for more than two decades, became non-executive chairman for three years until 2020. [19659006] In a stock market, the ITC said About 89.24% of the shareholders, who participated in the process, voted in favor of the resolution to rename Deveshwar as a non-executive director and chairman for the period of two years from February 5, 2020, while about 10.76% voted against

The company also obtained the green light from the shareholders for the renewal of the mandate of Sanjiv Puri as the 39, managing director for a period of five years, with effect from July 22, 2019. According to the filing, 99.25% of the votes were in favor of this resolution. Puri, 56, has been the Chief Executive Officer of ITC since May 16, 2018. He was appointed Chief Executive Officer effective February 5, 2017, taking over the independent management of the company.

R & S's own net profit amounted to Rs. 2,818.68 million for the first quarter of this year, as revenues from consumer goods activities other than cigarettes exploded in the first quarter. during the period.

During the June quarter, the strong growth of Ebitda (+ 86% to 128 million) was favored by improved scale initiatives, enrichment of the range and of cost management, despite greater investments in brand building and the creation of new categories. Shareholders at the Annual General Meeting (AGM) Friday, Deveshwar said at present, more than 80 percent of operating capital and about 90 percent of the company's employee base Company were deployed in non-cigarette activities. ] For all the latest corporate news, download the Indian Express app